Car Insurance: Choose The Right Car Insurance Policy
On the road insured insured - friend, comrade and brother. Without a good trip insurance to protect the city in rush hour can spoil a lot of nerves. For the fifth time in a row when you cut, making for emergency braking, unwittingly begin to remember what is written in motor insurance contract and ends when its validity. And off-loaded in dorama motorists enough cause for concern, we reserve the car overnight in the villages mercy kidnappers, vandals and young trees eventually fall under the gusts of wind. "Today" found out what is happening in the insurance market insurance.
How much policies
As the last market review of "Prostobank Consulting", six months on average in the market value of insurance policies decreased by 2.5% (or 0.14 percentage points) from the previous value: from 5.53% to 5.39% of the the value of the car. However, this does not mean that all insurance companies suddenly decided to reduce the price of their product. And, moreover, it does not promise us further reduce the cost of tariffs "on the rise". As explained by a member of PJSC "Grave Ukraine Insurance Company" Natalia Bazilevskaya, for insurance each insurance company itself forms its tariff policy and tend to revise rates every two to three years, so a simultaneous change rates insurance companies in the insurance market is only time of crisis. "Changing the tariff policy of one or two insurance companies generally will not affect the market, but you can observe a slight downward trend in insurance rates - said the expert. - This is due to the fact that market growth slowed and insurance companies are trying to lure customers from competitors. This is done by improving customer service while lowering prices of insurance services, which together may interest the customer. "
According to the company "Prostobank Consulting" minimum rates at this time after moving average, the cheapest policy is still worth 3.2%, and in early June - 3% of the car. For the same amount in one of the year to insure the pride of the domestic automobile industry ZAZ Sens.
We seemed interesting and that at the same time the minimum value of the policy at Volkswagen Passat rose by 0.2 percentage points - to 3.65% of the price of the car, while the average rate on the market for the same models decreased by 0.17 percentage points - to 5.23% (by the way, along with the Toyota Camry is the most significant decline in the market). That is, when the entire market began to take on the insurance of the car less, one small but proud company decided previously requested for this service once is not enough. In general, the work, of course, the master, but this inconsistency in the dynamics of tariffs brings us back to the eternal question: who are insured?
What lies behind tariffs
The cost of the policy in the same car under the same conditions in the various insurance companies can vary significantly. Sometimes the difference is more than 1 percentage point, but differences occurred in more than 2 percentage points (it is - 20-30% of the cost). "Insurance companies are developing their fares based on loss ratio (the ratio of benefits to premiums), - says head of underwriting risks of transport IC Allianz Ukraine Oleksandr Yaremenko. - To assess this indicator, they may use different approaches. Some of the analysis results produce the most profitable and unprofitable segments such as model cars, although there may be other approaches to segmentation. If one insurance company does it, the other ignores these factors, their rates will differ. " To put it simply, some company might want from us more than a few hundred dollars just because of the peculiarities of its internal arithmetic.
Sometimes the difference in rates is already something that is important for the client - the reliability of the company. "As a rule, the higher the financial reliability of the insurance company, the more expensive its service", - says Natalya Bazilevskaya. In addition, according to experts, insurance, like any other commodity, can vary greatly in quality. The program itself insurance, which buys customer includes a variety of options (choice of service stations, restrictions on drivers driving experience, claims violations of traffic rules, and so on. D.).
Don't chase the cheapness
So is it worth to us when choosing an insurance company to focus on a minimum price policy? "If the insurer buys insurance to protect themselves from unplanned expenses when the machine something happens, if he expects to receive compensation, not ever, and spelled out in the contract terms, the focus should be entirely on other factors - says Alexander Yaremenko. - First of all - the reliability of the insurance company. You must be sure that the company has positive experience in the market that it is financially stable (insurance reserves formed not "trash" securities, cash and sufficient) that current customers have responded well to cooperate with it. If you select several reliable UK, then it is possible to compare prices and look for a better offer. But even in this case should first consider filling product (covering insurance, the list of exceptions, terms of payment, etc.), additional service options and service as a whole. "
The low price has even alerted. "The trend shows that the insurance company is the substantial reduction of tariffs if she feels any problems", - says Natalya Bazilevskaya.
What to expect
As explained Natalia Bazilevskaya, May changes to the law "On insurance" allow branches of foreign strahkompaniy right to work in Ukraine, which may increase competition in the insurance market. However, this will not affect rates. "Increasing insurance rates for insurance will not give the same kind of competition. Lowering also will not: years statistics show a steady loss in dynamics. It does not improve, and reduce tariffs on insurance companies would lead to losses, "- Bazilevskaya said .
On the road insured insured - friend, comrade and brother. Without a good trip insurance to protect the city in rush hour can spoil a lot of nerves. For the fifth time in a row when you cut, making for emergency braking, unwittingly begin to remember what is written in motor insurance contract and ends when its validity. And off-loaded in dorama motorists enough cause for concern, we reserve the car overnight in the villages mercy kidnappers, vandals and young trees eventually fall under the gusts of wind. "Today" found out what is happening in the insurance market insurance.
How much policies
As the last market review of "Prostobank Consulting", six months on average in the market value of insurance policies decreased by 2.5% (or 0.14 percentage points) from the previous value: from 5.53% to 5.39% of the the value of the car. However, this does not mean that all insurance companies suddenly decided to reduce the price of their product. And, moreover, it does not promise us further reduce the cost of tariffs "on the rise". As explained by a member of PJSC "Grave Ukraine Insurance Company" Natalia Bazilevskaya, for insurance each insurance company itself forms its tariff policy and tend to revise rates every two to three years, so a simultaneous change rates insurance companies in the insurance market is only time of crisis. "Changing the tariff policy of one or two insurance companies generally will not affect the market, but you can observe a slight downward trend in insurance rates - said the expert. - This is due to the fact that market growth slowed and insurance companies are trying to lure customers from competitors. This is done by improving customer service while lowering prices of insurance services, which together may interest the customer. "
According to the company "Prostobank Consulting" minimum rates at this time after moving average, the cheapest policy is still worth 3.2%, and in early June - 3% of the car. For the same amount in one of the year to insure the pride of the domestic automobile industry ZAZ Sens.
We seemed interesting and that at the same time the minimum value of the policy at Volkswagen Passat rose by 0.2 percentage points - to 3.65% of the price of the car, while the average rate on the market for the same models decreased by 0.17 percentage points - to 5.23% (by the way, along with the Toyota Camry is the most significant decline in the market). That is, when the entire market began to take on the insurance of the car less, one small but proud company decided previously requested for this service once is not enough. In general, the work, of course, the master, but this inconsistency in the dynamics of tariffs brings us back to the eternal question: who are insured?
What lies behind tariffs
The cost of the policy in the same car under the same conditions in the various insurance companies can vary significantly. Sometimes the difference is more than 1 percentage point, but differences occurred in more than 2 percentage points (it is - 20-30% of the cost). "Insurance companies are developing their fares based on loss ratio (the ratio of benefits to premiums), - says head of underwriting risks of transport IC Allianz Ukraine Oleksandr Yaremenko. - To assess this indicator, they may use different approaches. Some of the analysis results produce the most profitable and unprofitable segments such as model cars, although there may be other approaches to segmentation. If one insurance company does it, the other ignores these factors, their rates will differ. " To put it simply, some company might want from us more than a few hundred dollars just because of the peculiarities of its internal arithmetic.
Sometimes the difference in rates is already something that is important for the client - the reliability of the company. "As a rule, the higher the financial reliability of the insurance company, the more expensive its service", - says Natalya Bazilevskaya. In addition, according to experts, insurance, like any other commodity, can vary greatly in quality. The program itself insurance, which buys customer includes a variety of options (choice of service stations, restrictions on drivers driving experience, claims violations of traffic rules, and so on. D.).
Don't chase the cheapness
So is it worth to us when choosing an insurance company to focus on a minimum price policy? "If the insurer buys insurance to protect themselves from unplanned expenses when the machine something happens, if he expects to receive compensation, not ever, and spelled out in the contract terms, the focus should be entirely on other factors - says Alexander Yaremenko. - First of all - the reliability of the insurance company. You must be sure that the company has positive experience in the market that it is financially stable (insurance reserves formed not "trash" securities, cash and sufficient) that current customers have responded well to cooperate with it. If you select several reliable UK, then it is possible to compare prices and look for a better offer. But even in this case should first consider filling product (covering insurance, the list of exceptions, terms of payment, etc.), additional service options and service as a whole. "
The low price has even alerted. "The trend shows that the insurance company is the substantial reduction of tariffs if she feels any problems", - says Natalya Bazilevskaya.
What to expect
As explained Natalia Bazilevskaya, May changes to the law "On insurance" allow branches of foreign strahkompaniy right to work in Ukraine, which may increase competition in the insurance market. However, this will not affect rates. "Increasing insurance rates for insurance will not give the same kind of competition. Lowering also will not: years statistics show a steady loss in dynamics. It does not improve, and reduce tariffs on insurance companies would lead to losses, "- Bazilevskaya said .
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